Tuas (TUA) H2 2025 earnings summary

Executive summary

• Revenue grew 29% year-over-year to SGD 151.3 million, with EBITDA up 38% to SGD 68.4 million and a turnaround to a net profit of SGD 6.9 million from a prior loss.

• Subscriber base expanded to 1.254 million mobile users (up 19%) and 25,600 broadband subscribers, reflecting strong market traction.

• Strategic focus on value-driven mobile plans, retail expansion, and partnerships with 7-Eleven and Changi Airport fueled growth.

• Announced proposed 100% acquisition of M1 Limited (excluding ICT business) for SGD 1.43 billion, funded by cash, equity raise, and debt financing, pending regulatory approval.

Financial highlights

• Revenue increased from SGD 117.1 million to SGD 151.3 million year-over-year.

• EBITDA margin improved to 45% of revenue, with EBITDA rising from SGD 49.7 million to SGD 68.4 million.

• Net profit after tax reached SGD 6.9 million, reversing a prior year loss of SGD 4.4 million.

• Gross mobile ARPU for FY25 was SGD 9.60.

• Positive cash flow after CapEx, with ending cash and term deposits at SGD 80.7 million as of 31 July 2025.

Segment performance

• Active mobile services grew to 1,254,000 by FY25 2H, up from 1,160,000 in FY24 2H.

• Active broadband services surged to 25,592 by FY25 2H, from 14,347 in FY24 2H.

• Mobile segment benefited from expanded plan mix and increased inclusions.

• Broadband segment saw increased take-up due to competitive offers and bundled services.

• Mobile subscriber market share estimated at 12%, with strong growth in prepaid activations and mass market appeal.